Author: Albert Savana

Resumed 51.6% by Canadian Westbridge Mortgage REIT since January 2018, the Côte d’Ivoire Habitat Bank (BHCI) is running out of cash. The recapitalization of CFAF 10.7 billion of the bank was not enough to cover its commitments and follow a spectacular rise in the staff turnover curve from 170 employees to 270 in the space...

The turnover of Vivo Energy Ivory Coast, a company specializing in the distribution of hydrocarbon products, recorded a 4% increase at the end of the first quarter of 2019 compared to the same period of the year 2018, announced the leaders of this company based in Abidjan. This turnover amounted to 88.179 billion FCFA against...

Africa50 and Rwanda Development Board will establish a joint venture company to co-develop, finance, construct, and operate the commercial components of the project. Rwanda Development Board (RDB) and Africa50, the pan-African infrastructure investment platform, signed a Joint Development Agreement (JDA) to further the development of the Kigali Innovation City (KIC) project. This follows the signing of a Term Sheet during the Africa Investment Forum in November 2018 in the presence of Right Honorable Edouard Ngirente, Prime Minister of Rwanda. KIC is a pan-African focused innovation hub that will house four international universities, innovative firms focused on agriculture, healthcare and financial…

The outstanding domestic claims of the West African Economic and Monetary Union (UEMOA) depository institutions increased by CFAF 2,585.7 billion (or € 3.878 billion) at the end of December 2018 compared to its level at the end of December. 2017, according to data from the Central Bank of West African States (BCEAO). This outstanding amount stood at CFAF 30,023.8 billion during the period under review against CFAF 27,438.1 billion at the end of December 2018, an increase of 9.4%. “This development is driven by the combined effect of the consolidation of net claims on the Central Public Administration (APUC) and…

The net result of Bank Of Africa (BOA) Mali, a subsidiary of the banking group of the same name, fell by 17.35% at the end of the first quarter of 2019 compared to the first quarter of 2018, announced the leaders of this banking institution based in Bamako. This result stood at 1.572 billion CFA...

BMCE Bank Of Africa has succeeded the first phase of its capital increase operation, made necessary following the implementation of the “capitalivore” IFRS 9 standard. Thus, from July 9 to 31, the Bank controlled by the holding company Finance.com of the businessman Othman Benjelloun realized a capital increase by optional conversion of dividends and by subscription in cash. Two twinned transactions that solicited the shareholder portfolio. Thus, more than 5,540,044 shares were subscribed at the unit price of 180 dirhams. The conversion of dividends worth MAD 730 million saw the creation of 4,083,101 new shares. At the end of these…

According to the financial statements released on 9 August by the five institutions of the World Bank Group, total commitments to help countries improve their lives and development outcomes are 59.5 per cent. billions of dollars for the 2019 financial year. These financial statements include the management report of the four World Bank Group institutions engaged in financing development: the International Bank for Reconstruction and Development (IBRD), the International Development Association (IDA), the Financial Corporation (IFC) and the Multilateral Investment Guarantee Agency (MIGA). “Today’s four sets of financial statements for fiscal 2019 prove that the World Bank Group has the…

Following the resounding arrest of Nigeria’s business icon Obinwanne Okeke, federal prosecutors at the United States Department of Justice said on Thursday that 80 people in the United States and Nigeria have stolen about $ 1.1 billion across the country. fraudulent schemes in seven months, reports the Washington Post. “In the first seven months of this year, the FBI (Federal Bureau of Investigations) online crime complaint centers have received nearly 14,000 complaints from victims reporting incidents of compromised e-mail ( BEC), with a total loss of $ 1.1 billion, “said Paul Delacourt, deputy director of the FBI in charge of…

Industrial production in the West African Economic and Monetary Union (UEMOA) rose by 4.3% at the end of 2018, according to data from the Central Bank of West African States ( BCEAO). Compared with 2017, when growth of 3.5% had been observed, WAEMU’s industrial production increased slightly by 0.8 percentage points. “This evolution reflects mainly the acceleration of the pace of manufacturing production, which rose 9.5% in 2018 against 5.0% recorded the previous year, particularly in connection with the rebound in production in the United States. chemical industry (+ 24.2% vs. + 3.7%), says the BCEAO. On the other hand,…

The management indicators of Bank Of Africa (BOA) Côte d’Ivoire, a subsidiary of the banking group of the same name, deteriorated at the end of the first quarter of 2019 compared to the same period of 2018, announced the leaders of this establishment bank based in Abidjan. Net banking income (NBI) thus decreased by 3.12% from CFAF 8.212 billion at 31 March 2018 to CFAF 7.956 billion at March 31, 2019. According to the leaders of the BOA Côte d’Ivoire, this evolution This is mainly attributable to the decline in interest income earned on the securities portfolio, as the bank…

Investors in the financial market of the West African Monetary Union (WAMU) have shown a real craze for good equivalent of the Treasury (BAT) to 12 months issued August 21, 2019 by the General Directorate of Treasury and Public Accounting of Burkina Faso in partnership with the UMOA-Titres Agency. At the end of the auction, the UMOA-Titres agency has registered 70.994 billion FCFA (or 106.491 million euros) of global investor bids while the issuer only requested 20 billion FCFA ( 30 million euros). The rate of coverage of the amount tendered by the bids was 354.97%. Finally, the General Directorate…

Harvard Kennedy School (HKS) today announced the creation of a new graduate student fellowship program funded by a $1 million gift from Harvard College alumnus Hazem Ben-Gacem AB 1992. For the next three years, the fellowship, will cover the costs for up to two accepted applicants from Tunisia per year, enrolled in the HKS Master in Public Administration (MPA) degree program. The fellowship program honors Ben-Gacem’s father, Hamida Ben-Gacem MPA 1972, the first Tunisian graduate of Harvard Kennedy School. “We appreciate Hazem’s continuing generous support of Harvard University and Harvard Kennedy School,” said Kennedy School Dean Douglas Elmendorf. “Tunisia is…

Seedstars World, the largest seed-stage startup competition for emerging markets and fast-growing startup scenes, brought its Senegal round to a successful close during Seedstars Dakar. The event took place this Thursday, at Sonatel Headquarters, and 8 selected startups were invited to present their companies in front of the local jury panel. The local winner, Afrikamart, an agri food tech startup that aims to become the largest quality fresh food supplier in West Africa without owning any farm. Through their solution they tackle the challenges of access to market, logistics and efficient agriculture in the fresh food sector, was named “Best…

New “Generation Africa” initiative to grow young entrepreneurs and transform Africa’s agri-food sector will award two $50,000 prizes on 4 September at the Africa Green Revolution Forum in Accra, Ghana. 12 young entrepreneurs from across Africa — Botswana, Cameroon, Democratic Republic of Congo, Ghana, Kenya, Nigeria, Senegal, South Africa, Uganda, and Zimbabwe — have been named as finalists in the inaugural $100,000 Generation Africa GoGettaz Agripreneur Prize, a new, continent-wide competition launch ed on 30 May to select two innovative ventures in the agri-food sector to win $50,000 each in social impact investment as well as mentoring support. On 3 September…

The General Directorate of Treasury and Public Accounts of Côte d’Ivoire obtained Tuesday, August 20, 2019, an amount of 27,500 billion FCFA (or 41,250 million euros) on the financial market of the West African Monetary Union ( UMOA) at the end of its issuance of good equivalent of the Treasury (BAT) to 3 months, announced the head of the agency UMOA-Securities based in Dakar. While he was looking for only 25 billion FCFA, the Ivorian public treasury ended up with 44.039 billion FCFA of global bids from investors at the end of the auction. This gives a coverage rate of…

The shareholders of the Multinational Bitumen Company (SMB) Côte d’Ivoire, will receive on 29 August 2019, for the 2018 financial year, a net total dividend of CFAF 1,815 billion (ie 2,723 million euros), announced the leaders of this company based in Abidjan. This corresponds to a net dividend per share of 450 FCFA. At the end of the 2018 financial year, the SMB had realized an after-tax profit of 7.877 billion FCFA against 7.506 billion FCFA in 2017, a slight increase of 4.94%. Its turnover was up sharply by 43.936 billion FCFA, from 90.262 billion FCFA in 2017 to 134.198…

Accused of manipulating his figures on poverty by the Financial Times, Rwanda was quick to react. On a visit to Namibia, President Paul Kagame took advantage of a joint press conference with his host, Hage Geingob, on the theme of poverty, to bring a dry reply to the British daily: “If we manipulate figures, we...

Babatunde Fowler has just received a strange petition from the Nigerian presidency. The letter received by the complainant on August 8, questioned the decline in revenue recorded between 2015 and 2018. Summoned to respond as soon as possible, the director should explain why domestic tax revenues, constantly rising under the Goodluck Jonathan era, have been...

The 6th edition of the FORUM AFRICA SME CHAMPIONS FORUM 2019 will be held on 12 and 13 November 2019 in Johannesburg, South Africa. The two-day program will bring together high-growth African SMEs, large corporations, leading financial institutions, venture capital investors, key business development experts for SMEs, and policy makers. The event revolves around the following points: – a rich program articulated around high level sessions: round tables, thematic master classes, sectoral sessions on business opportunities in Africa; – Internationally renowned speakers specializing in financing and supporting the growth of African champions; -A team of experts specialized in providing individualized…

Coris Bank International posted in the first quarter of 2019 a good performance on its management and financial indicators compared to the same period of 2018, according to the data announced by the leaders of this banking institution based in Ouagadougou in Burkina Faso. The net banking income (GNP) thus rose sharply by 32.97% during...

Oragroup announces a € 20 million loan from AFRICA AGRICULTURE AND TRADE INVESTMENT FUND (AATIF), an investment company specializing in agricultural finance in Africa, whose main investors are the German government and German Development Bank KfW. The funds received by Oragroup will be used to finance private companies involved in agricultural campaigns in the countries...

On August 8, the South African group Standard Bank Limited (SBG, Ba1 Stable) announced that it would exercise a put option to sell its 20% stake in ICBC (Argentina) SA (ICBC Argentina, Ba3 / Ba3 negative, b2) control of the shareholder bank, Industrial and Commercial Bank of China Ltd. (ICBC China, stable A1, baa1), for $ 180.8 million. According to Moody’s, the sale is a positive credit for ICBC Argentina because it reinforces the Chinese company’s commitment to its activities in Argentina in the face of the country’s macroeconomic crisis and the high volatility of the markets. ICBC China already…

Abdalla Hamdok was proposed on August 15 as prime minister of the transitional government set up in Sudan following the agreement concluded on July 17 between the various political forces and the army. The transitional government, which will formally start on August 20, will lead the country for the next three years, or 39 months. The 20-member government will be civilian with the exception of the Ministries of Defense and the Interior. The choice of Abdalla Hamdok should be formalized next Tuesday. The last word comes back to the Sovereign Council, which must lead the transition. Former Deputy Secretary General…

The Ministry of Trade and Industry and the Ministry of Foreign Affairs and Regional Integration and, in partnership with the Economic Commission for Africa and the African Union Commission (AUC), are organising a High-Level Conference on AfCFTA from 19-21 August 2019, at the Accra International Conference Centre, Accra, Ghana focsuing on Harnessing the benefits of the African Continental Free Trade Area (AfCFTA) for a Ghana beyond Aid. The purpose of the National Conference is to bring together key stakeholders in Ghana to discuss national strategies and programme interventions to harness the benefits of the AfCFTA. The President of the Republic…

The case opposes Webcor ITP Limited to the State of Gabon. This Malta-based company, which has no known activity, signed a framework contract on June 12, 2010 for the construction and operation of the Libreville Grand Exchange. For this purpose, a local company is created, on behalf of Grand Marché de Libreville. On 16 November...

Senegal’s trade deficit fell by CFAF 62.8 billion (94,200 million euros) at the end of June 2019 compared to the previous month, according to the economic outlook prepared by the Directorate of Forecasting and Development. economic studies. This deficit amounted to 144.9 billion FCFA against 177.8 billion CFA francs in May 2019. “This situation reflects a decline in exports (-63.1 billion) less pronounced than that of imports of goods (-143 , 1 billion), “says the DPEE. Exports of goods are valued at CFAF 128.3 billion during the period under review against CFAF 191.3 billion in May, a decrease of 33.0%.…

The General Directorate of Treasury and Public Accounts of Burkina Faso raised on August 6, 2019 on the financial market of the West African Monetary Union (WAMU) the sum of 22 billion FCFA (33 million euros at the end its 3-year Treasury equivalent bond (OAT) issue organized in partnership with the UMOA-Titres agency. The total amount put up for auction by the issuer was 20 billion CFA francs (30 million euros). But at the end of the auction, the UMOA-Titres agency has identified 35.762 billion FCFA (53,644 million euros) in the form of global bids. This gives a coverage rate…

The company Bernabé Côte d’Ivoire, a subsidiary of the multinational of the same name, specializing in the marketing of hardware products, will pay to its shareholders on July 19, 2019, for the 2018 financial year, an overall net dividend of € 298.080 million. FCFA (447.120 euros), announced the leaders of this company based in Abidjan. In relation to the 6,624,000 shares that make up the capital of this company, this corresponds to a net dividend per share of 45 FCFA against 63 FCFA in 2017. At the end of the 2018 financial year, Bernabé Côte d’Ivoire had realized an after-tax…

Senegal’s trade deficit deteriorated by CFAF 52.10 billion (78.150 million euros) in May 2019 compared to April 2019, according to the economic outlook of the Directorate of Forecasting and Studies. (DPEE). Senegal’s external trade showed a deficit of 177.8 billion FCFA in May 2019 against a deficit of 125.6 billion FCFA at the end of April 2019. “This situation reflects an increase in exports (plus 33.5 billion FCFA) less than that of imports of goods (plus 97.3 billion FCFA). Exports of goods are valued by the DPEE at 191.30 billion FCFA against 157.9 billion in April 2019, an increase of…

The total provisional amount of issues of public securities by auction in the countries of the West African Economic and Monetary Union (WAEMU) for the third quarter of 2019 amounted to CFAF 616 billion ($ 924 million). euros), according to the UMOA-Securities Agency based in Dakar (Senegal). This amount results from a note addressed to investors operating on the public securities market of the WAEMU States by Mr. Adrien Diouf Director of the UMOA-Titres agency. The amount of projected issues is divided into equivalent Treasury Bills (BAT) for 280 billion FCFA and equivalent Treasury bonds (OAT) for 336 billion FCFA.…